Saint Lizzy Slays Wall Street Reptiles

[georgephillip]

Are you curious about why the best congress money can buy is about to let the interest rate charged for new student loans double to 6.8% at the same time banks who caused the Great Recession continue to receive loans at 0.75%?

So is Elizabeth Warren:

"'The federal government is profiting off loans to our young people while giving a far better deal to the same Wall Street banks that crashed our economy and destroyed millions of jobs.

"'That’s why I’ve introduced the Bank on Students Loan Fairness Act as my first bill in the Senate: To allow students to borrow money at the same rate as the biggest banks.

”' … Why should the big banks get a nearly-free ride while people trying to get an education pay nine times more?' Warren asked. 'It isn’t right.'”

How about a 2016 Presidential Nightmare for all America's Rich Bitches?

Elizabeth Warren
Bernie Sanders
Ralph Nader (Attorney General)

Morning for all Americans.

 

[georgephillip]

"The justification of near zero rates of interest for the banks is that they will make loans available that will stoke the economy, but quite the opposite has happened.

"The banks have been slow to make housing and business loans while feathering their own nests with outsized executive bonuses and costly acquisitions of other financial institutions.

"In contrast, student loans amounting to more than $1 trillion exceed the total outstanding credit card debt in the U.S. and represent a major contributor to consumer purchasing power.

"Students actually spend their loan money on surviving as consumers in a tight economy, while learning skills needed for the economy of the future. On the other hand, the already too-big-to-fail banks have used the government’s free money to become even more obscenely powerful.

Robert Scheer: Elizabeth Warren, a Great Investment - Robert Scheer's Columns - Truthdig

 

[editec]

If we do not invest in the future, we'll get the future we deserve.

The wealth this nation enjoyed in the last 50 years is in much part thanks to the Veterans ED Benefits that send my father's generation to college.

 

[georgephillip]

If we do not invest in the future, we'll get the future we deserve.

The wealth this nation enjoyed in the last 50 years is in much part thanks to the Veterans ED Benefits that send my father's generation to college.

Mine too, ed.
The GI Bill helped build the middle class between the end of WWII and the end of Carter.
In September of 2011 I returned full time to community college, exactly 40 years after my first attempt at higher education in the fall of '71.
I was expecting the computer to be the biggest single change in higher education during those four decades.
I was wrong.
The biggest change was the decline in the quality of education due to privatization efforts launched o on Wall Street.
And those changes are reflected in today's rising student loan debt; it will be a lifetime of debt peonage for millions of today's grads. (Too bad we'll spend all that SS before checking out)

 

[Katzndogz]

It's obvious, Wall Street Banks have a history of paying loans back and students default.

 

[Luddly Neddite]

It's obvious, Wall Street Banks have a history of paying loans back and students default.

What amazingly willful ignorance.

 

[Luddly Neddite]

 

[Papageorgio]

"The justification of near zero rates of interest for the banks is that they will make loans available that will stoke the economy, but quite the opposite has happened.

"The banks have been slow to make housing and business loans while feathering their own nests with outsized executive bonuses and costly acquisitions of other financial institutions.

"In contrast, student loans amounting to more than $1 trillion exceed the total outstanding credit card debt in the U.S. and represent a major contributor to consumer purchasing power.

"Students actually spend their loan money on surviving as consumers in a tight economy, while learning skills needed for the economy of the future. On the other hand, the already too-big-to-fail banks have used the government’s free money to become even more obscenely powerful.

Robert Scheer: Elizabeth Warren, a Great Investment - Robert Scheer's Columns - Truthdig

Banks are tight with money because they took a lot of heat for giving out high risk loans. As far as housing, the new government regulations, since 2008, are making it tougher to get a housing loan and a simple housing transaction, now takes months and several closes. So spare me the banks are slow, it is the government scrutiny that is slowing things down.

Student loans have a high default rate, so there is a lot more risk, more risk, means higher rates. Simple economics.

 

[georgephillip]

I thought banks were tight with money because they are receiving interest to park their loans at the Fed? Any problem with high default rates on student loans could mean private bankers are extracting exploitative rates of interest. Maybe the solution is to excise Wall Street from the entire student loan process? Simple human rights over economics.

 

[Dot Com]

"The justification of near zero rates of interest for the banks is that they will make loans available that will stoke the economy, but quite the opposite has happened.

"The banks have been slow to make housing and business loans while feathering their own nests with outsized executive bonuses and costly acquisitions of other financial institutions.

"In contrast, student loans amounting to more than $1 trillion exceed the total outstanding credit card debt in the U.S. and represent a major contributor to consumer purchasing power.

"Students actually spend their loan money on surviving as consumers in a tight economy, while learning skills needed for the economy of the future. On the other hand, the already too-big-to-fail banks have used the government’s free money to become even more obscenely powerful.

Robert Scheer: Elizabeth Warren, a Great Investment - Robert Scheer's Columns - Truthdig

Banks are tight with money because they took a lot of heat for giving out high risk loans. As far as housing, the new government regulations, since 2008, are making it tougher to get a housing loan and a simple housing transaction, now takes months and several closes. So spare me the banks are slow, it is the government scrutiny that is slowing things down.

Student loans have a high default rate, so there is a lot more risk, more risk, means higher rates. Simple economics.

"took a lot of heat"? What planet do you live on? They should be in jail.

 

[whitehall]

Another example of the radical left's covert war on successful women. If they aren't blaming the Jews they are blaming the babes.

 

[Dot Com]

whats more important, the ability of someone like Blankfein to get his wife a 2nd Bentley or to educate our workforce to compete w/ the world at large?

 

[martybegan]

"The justification of near zero rates of interest for the banks is that they will make loans available that will stoke the economy, but quite the opposite has happened.

"The banks have been slow to make housing and business loans while feathering their own nests with outsized executive bonuses and costly acquisitions of other financial institutions.

"In contrast, student loans amounting to more than $1 trillion exceed the total outstanding credit card debt in the U.S. and represent a major contributor to consumer purchasing power.

"Students actually spend their loan money on surviving as consumers in a tight economy, while learning skills needed for the economy of the future. On the other hand, the already too-big-to-fail banks have used the government’s free money to become even more obscenely powerful.

Robert Scheer: Elizabeth Warren, a Great Investment - Robert Scheer's Columns - Truthdig

You completely misunderstand the purpose of borrowing from "the discount window."

The discount window is for lending that provides instant liquidity for a short term (matter of days) so a bank does not have to liquidate any of its long term assets to meet day to day cash flow needs. It allows them to then pay back the loan with income that is expected in a matter of days, or if they have to liquidate some assets, allows them time to do it properly instead of in a rush.

They also have to put up collateral for each loan, and there is little evidence of banks ever defaulting on discount window loans.

On the other hand student loans require zero collateral, are for a period of around a decade, and have horrible default rates.

There is no comparison, except in the mind of economically clueless progressives looking for a quick "gotcha" 7 oclock news moment.

 

[georgephillip]

"The justification of near zero rates of interest for the banks is that they will make loans available that will stoke the economy, but quite the opposite has happened.

"The banks have been slow to make housing and business loans while feathering their own nests with outsized executive bonuses and costly acquisitions of other financial institutions.

"In contrast, student loans amounting to more than $1 trillion exceed the total outstanding credit card debt in the U.S. and represent a major contributor to consumer purchasing power.

"Students actually spend their loan money on surviving as consumers in a tight economy, while learning skills needed for the economy of the future. On the other hand, the already too-big-to-fail banks have used the government’s free money to become even more obscenely powerful.

Robert Scheer: Elizabeth Warren, a Great Investment - Robert Scheer's Columns - Truthdig

You completely misunderstand the purpose of borrowing from "the discount window."

The discount window is for lending that provides instant liquidity for a short term (matter of days) so a bank does not have to liquidate any of its long term assets to meet day to day cash flow needs. It allows them to then pay back the loan with income that is expected in a matter of days, or if they have to liquidate some assets, allows them time to do it properly instead of in a rush.

They also have to put up collateral for each loan, and there is little evidence of banks ever defaulting on discount window loans.

On the other hand student loans require zero collateral, are for a period of around a decade, and have horrible default rates.

There is no comparison, except in the mind of economically clueless progressives looking for a quick "gotcha" 7 oclock news moment.

Would you disagree with any of the following?

"The interest rate on federal subsidized Stafford loans is set to increase from 3.4 to 6.8 percent
on July 1. If Congress does not act soon, millions of college students will see their student loan
payments increase needlessly.

"Student loan debt is a growing crisis, and it threatens our economic recovery. Outstanding
student loans now total more than $1 trillion, surpassing total credit card debt. Last month, the
Federal Reserve identified this mounting debt as a risk to household spending.

"The burden of
loans keeps borrowers from buying homes, saving for retirement, and engaging in consumption
that will keep our economy on the road to recovery. Keeping interest rates low is essential.
While borrowers struggle to repay their debt, the federal government is making money on its
student loan programs.

"This year, the federal government will make $34 billion on student
loans. The government even makes money on its loans to low-income students – 36 cents, on
average, for every student loan dollar it puts out.

"If Congress allows the interest rate on these
loans to double, the federal government will bring in even more revenue – money that comes
straight from the pockets of college students."

A question for clued-in conservatives: How much more money are the richest 1% of Americans entitled to?

http://www.warren.senate.gov/documents/BankonStudentsFactSheet.pdf

 

[martybegan]

"The justification of near zero rates of interest for the banks is that they will make loans available that will stoke the economy, but quite the opposite has happened.

"The banks have been slow to make housing and business loans while feathering their own nests with outsized executive bonuses and costly acquisitions of other financial institutions.

"In contrast, student loans amounting to more than $1 trillion exceed the total outstanding credit card debt in the U.S. and represent a major contributor to consumer purchasing power.

"Students actually spend their loan money on surviving as consumers in a tight economy, while learning skills needed for the economy of the future. On the other hand, the already too-big-to-fail banks have used the government’s free money to become even more obscenely powerful.

Robert Scheer: Elizabeth Warren, a Great Investment - Robert Scheer's Columns - Truthdig

You completely misunderstand the purpose of borrowing from "the discount window."

The discount window is for lending that provides instant liquidity for a short term (matter of days) so a bank does not have to liquidate any of its long term assets to meet day to day cash flow needs. It allows them to then pay back the loan with income that is expected in a matter of days, or if they have to liquidate some assets, allows them time to do it properly instead of in a rush.

They also have to put up collateral for each loan, and there is little evidence of banks ever defaulting on discount window loans.

On the other hand student loans require zero collateral, are for a period of around a decade, and have horrible default rates.

There is no comparison, except in the mind of economically clueless progressives looking for a quick "gotcha" 7 oclock news moment.

Would you disagree with any of the following?

"The interest rate on federal subsidized Stafford loans is set to increase from 3.4 to 6.8 percent
on July 1. If Congress does not act soon, millions of college students will see their student loan
payments increase needlessly.

"Student loan debt is a growing crisis, and it threatens our economic recovery. Outstanding
student loans now total more than $1 trillion, surpassing total credit card debt. Last month, the
Federal Reserve identified this mounting debt as a risk to household spending.

"The burden of
loans keeps borrowers from buying homes, saving for retirement, and engaging in consumption
that will keep our economy on the road to recovery. Keeping interest rates low is essential.
While borrowers struggle to repay their debt, the federal government is making money on its
student loan programs.

"This year, the federal government will make $34 billion on student
loans. The government even makes money on its loans to low-income students – 36 cents, on
average, for every student loan dollar it puts out.

"If Congress allows the interest rate on these
loans to double, the federal government will bring in even more revenue – money that comes
straight from the pockets of college students."

A question for clued-in conservatives: How much more money are the richest 1% of Americans entitled to?

http://www.warren.senate.gov/documents/BankonStudentsFactSheet.pdf

Nice job in not responding to my post, and instead bringing up some other point.

By the way, the loans are made by private companies. The government only guarantees them. that means defaults actually COST the government money.

Student loans in the United States - Wikipedia, the free encyclopedia

 

[georgephillip]

You completely misunderstand the purpose of borrowing from "the discount window."

The discount window is for lending that provides instant liquidity for a short term (matter of days) so a bank does not have to liquidate any of its long term assets to meet day to day cash flow needs. It allows them to then pay back the loan with income that is expected in a matter of days, or if they have to liquidate some assets, allows them time to do it properly instead of in a rush.

They also have to put up collateral for each loan, and there is little evidence of banks ever defaulting on discount window loans.

On the other hand student loans require zero collateral, are for a period of around a decade, and have horrible default rates.

There is no comparison, except in the mind of economically clueless progressives looking for a quick "gotcha" 7 oclock news moment.

Would you disagree with any of the following?

"The interest rate on federal subsidized Stafford loans is set to increase from 3.4 to 6.8 percent
on July 1. If Congress does not act soon, millions of college students will see their student loan
payments increase needlessly.

"Student loan debt is a growing crisis, and it threatens our economic recovery. Outstanding
student loans now total more than $1 trillion, surpassing total credit card debt. Last month, the
Federal Reserve identified this mounting debt as a risk to household spending.

"The burden of
loans keeps borrowers from buying homes, saving for retirement, and engaging in consumption
that will keep our economy on the road to recovery. Keeping interest rates low is essential.
While borrowers struggle to repay their debt, the federal government is making money on its
student loan programs.

"This year, the federal government will make $34 billion on student
loans. The government even makes money on its loans to low-income students – 36 cents, on
average, for every student loan dollar it puts out.

"If Congress allows the interest rate on these
loans to double, the federal government will bring in even more revenue – money that comes
straight from the pockets of college students."

A question for clued-in conservatives: How much more money are the richest 1% of Americans entitled to?

http://www.warren.senate.gov/documents/BankonStudentsFactSheet.pdf

Nice job in not responding to my post, and instead bringing up some other point.

By the way, the loans are made by private companies. The government only guarantees them. that means defaults actually COST the government money.

Student loans in the United States - Wikipedia, the free encyclopedia

Maybe private companies providing private fortunes for a few are the problem?

"Education in Cuba has been a highly ranked system for many years. The University of Havana was founded in 1727 and there are a number of other well-established colleges and universities.

"Following the 1959 revolution, the Castro government nationalized all educational institutions, and created a system operated entirely by the government. Strong ideological content is present, with the constitution stating that educational and cultural policy is based on Marxist ideology.[5]

"Education expenditures continue to receive high priority, as Cuba spends 10 percent of its central budget on education, compared with 4 percent in the United Kingdom and just 2 percent in the United States, according to Unesco."

Education in Cuba - Wikipedia, the free encyclopedia

Save keystrokes.
I'm not going anywhere and there's no reason public education in this country would have to mirror that of Cuba.

 

[martybegan]

Would you disagree with any of the following?

"The interest rate on federal subsidized Stafford loans is set to increase from 3.4 to 6.8 percent
on July 1. If Congress does not act soon, millions of college students will see their student loan
payments increase needlessly.

"Student loan debt is a growing crisis, and it threatens our economic recovery. Outstanding
student loans now total more than $1 trillion, surpassing total credit card debt. Last month, the
Federal Reserve identified this mounting debt as a risk to household spending.

"The burden of
loans keeps borrowers from buying homes, saving for retirement, and engaging in consumption
that will keep our economy on the road to recovery. Keeping interest rates low is essential.
While borrowers struggle to repay their debt, the federal government is making money on its
student loan programs.

"This year, the federal government will make $34 billion on student
loans. The government even makes money on its loans to low-income students – 36 cents, on
average, for every student loan dollar it puts out.

"If Congress allows the interest rate on these
loans to double, the federal government will bring in even more revenue – money that comes
straight from the pockets of college students."

A question for clued-in conservatives: How much more money are the richest 1% of Americans entitled to?

http://www.warren.senate.gov/documents/BankonStudentsFactSheet.pdf

Nice job in not responding to my post, and instead bringing up some other point.

By the way, the loans are made by private companies. The government only guarantees them. that means defaults actually COST the government money.

Student loans in the United States - Wikipedia, the free encyclopedia

Maybe private companies providing private fortunes for a few are the problem?

"Education in Cuba has been a highly ranked system for many years. The University of Havana was founded in 1727 and there are a number of other well-established colleges and universities.

"Following the 1959 revolution, the Castro government nationalized all educational institutions, and created a system operated entirely by the government. Strong ideological content is present, with the constitution stating that educational and cultural policy is based on Marxist ideology.[5]

"Education expenditures continue to receive high priority, as Cuba spends 10 percent of its central budget on education, compared with 4 percent in the United Kingdom and just 2 percent in the United States, according to Unesco."

Education in Cuba - Wikipedia, the free encyclopedia

Save keystrokes.
I'm not going anywhere and there's no reason public education in this country would have to mirror that of Cuba.

Again you dodge. Cuba also jails its dissidents.

Not a country to emulate.

 

[georgephillip]

Nice job in not responding to my post, and instead bringing up some other point.

By the way, the loans are made by private companies. The government only guarantees them. that means defaults actually COST the government money.

Student loans in the United States - Wikipedia, the free encyclopedia

Maybe private companies providing private fortunes for a few are the problem?

"Education in Cuba has been a highly ranked system for many years. The University of Havana was founded in 1727 and there are a number of other well-established colleges and universities.

"Following the 1959 revolution, the Castro government nationalized all educational institutions, and created a system operated entirely by the government. Strong ideological content is present, with the constitution stating that educational and cultural policy is based on Marxist ideology.[5]

"Education expenditures continue to receive high priority, as Cuba spends 10 percent of its central budget on education, compared with 4 percent in the United Kingdom and just 2 percent in the United States, according to Unesco."

Education in Cuba - Wikipedia, the free encyclopedia

Save keystrokes.
I'm not going anywhere and there's no reason public education in this country would have to mirror that of Cuba.

Again you dodge. Cuba also jails its dissidents.

Not a country to emulate.

Again you stray.
The US has more people locked up than any other country on this planet.
Surplus labor, remember?

 

[martybegan]

Maybe private companies providing private fortunes for a few are the problem?

"Education in Cuba has been a highly ranked system for many years. The University of Havana was founded in 1727 and there are a number of other well-established colleges and universities.

"Following the 1959 revolution, the Castro government nationalized all educational institutions, and created a system operated entirely by the government. Strong ideological content is present, with the constitution stating that educational and cultural policy is based on Marxist ideology.[5]

"Education expenditures continue to receive high priority, as Cuba spends 10 percent of its central budget on education, compared with 4 percent in the United Kingdom and just 2 percent in the United States, according to Unesco."

Education in Cuba - Wikipedia, the free encyclopedia

Save keystrokes.
I'm not going anywhere and there's no reason public education in this country would have to mirror that of Cuba.

Again you dodge. Cuba also jails its dissidents.

Not a country to emulate.

Again you stray.
The US has more people locked up than any other country on this planet.
Surplus labor, remember?

People convicted of crimes in a court of law, not political dissidents.

You are either dense or stupid, or maybe a combination of both.

I'm going with stupid.

 

[georgephillip]

Again you dodge. Cuba also jails its dissidents.

Not a country to emulate.

Again you stray.
The US has more people locked up than any other country on this planet.
Surplus labor, remember?

People convicted of crimes in a court of law, not political dissidents.

You are either dense or stupid, or maybe a combination of both.

I'm going with stupid.

I'm still going with surplus labor.
That's what happens to the children of millions of middle class workers whose jobs were outsourced to Chinese slaves.
Maybe that's simple enough for a troll to grasp?